The authority of an agent to perform all incidental acts necessary to fulfill the purposes of the agency agreement is called
A) implied authority.
B) declared authority.
C) apparent authority.
D) express authority.
Answer: A
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Crimson Plumbing Supplies expects total sales of $9,000,000 this year. Ten percent of the company's sales are
paid in cash; credit sales are usually paid by check. The average check size is $3,000. Second National Bank is offering the company a lock-box system. The fees are $800 per month plus $.60 per check. Short-term marketable securities are currently earning 8 percent per year. What reduction in check collection time is necessary for Carrollton Plumbing Supplies to be neither better nor worse off from adopting the proposed system? Use a 365-day year.
The economist Irving Fisher, after whom the Fisher effect is named, explained why interest rates ________ as the expected rate of inflation ________
A) rise; increases B) rise; stabilizes C) rise; decreases D) fall; increases E) fall; stabilizes
A(n) ________ is a flexible standard for defining a security.
A. red herring prospectus B. investment contract C. certificate of interest D. debenture
Under Article 3 of the UCC, a check is an unconditional written order to pay that involves three parties in distinct capacities: drawer, drawee, and payee. The drawee must be a bank. Payment must be "on demand."
a. True b. False Indicate whether the statement is true or false